Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A · SSE:600276
Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
31 slides from Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A's conference presentation, January 2026
Slide 1: Powering the Next Era of Growth through Innovation and Globalization
Powering the Next Era of Growth through Innovation and Globalization January 2026 Frank Jiang, EVP, Chief Strategy Officer 44th Annual J.P. Morgan Healthcare Conference HENGRUI 1
Slide 2: Legal Disclaimer
Legal Disclaimer This document is prepared by Jiangsu Hengrui Pharmaceuticals Co., Ltd. (the "Company") and is for presentation use only. Without written authorization, no organization or individual shall republish, copy, or publish this document in any form. The information or opinions expressed in
Slide 3: Hengrui at a Glance – Scale, Innovation, Financial Strength
Hengrui at a Glance – Scale, Innovation, Financial Strength Continuously Delivering Industry-leading Growth since 1970 – Now Ready for Next Era of Globalization #1 in the World’s 2nd Largest Pharma Market R&D Innovation Powerhouse Global Top 50 No.1 in China Global Top 2 by Pharm Exec for by market
Slide 4: 2025 Accomplishments
2025 Accomplishments Significant Achievements Across Pipeline Advancement, Global Expansion and Commercial Milestones Strong Pipeline 21 27 8 36 LBA/oral presentations1 Delivery NDA/BLA pivotal trials CDE BTDs Accounts for ~1/3 of ESMO approvals enrolled LBA/oral presentations from China2 Hong Kong
Slide 5: Leadership in China with Substantial Growth Opportunities…
Leadership in China with Substantial Growth Opportunities… Hengrui is Well Positioned, Driven by Significant Unmet Needs in the World’s 2nd Largest Market… Innovative Drug Revenue New Cancer 5-Year YoY Growth of Innovative Cases Per Year1,2 Survival Rate1 Drug Revenue +22% +31% +23% US$Bn ~1.96m ~69
Slide 6: …Enhancing our Global Relevance with Accelerated R&D Efforts
…Enhancing our Global Relevance with Accelerated R&D Efforts Sustained R&D Investments1 Global Leadership in Pipeline Scale and Momentum % of Total revenue US$Mn vs. ~20% among MNCs2 No.2 in size of originated pipeline 30% 29% No.3 in pipeline growth during ’23-’253 27% 30% 1,500 24% 26% Originated
Slide 7: Highlights of Hengrui's R&D Strategy & Capabilities
Highlights of Hengrui’s R&D Strategy & Capabilities 1 2 3 Comprehensive yet evolving A scaled pipeline for a Robust R&D engine with technology platforms unique portfolio strategy unrivaled efficiency ✓ Source of BIC/FIC candidates ✓ Competitive strengths across four ✓ Speed, cost-efficiency & qualit
Slide 8: “All-in Strategy” on Innovative Technology Platforms
1 “All-in Strategy” on Innovative Technology Platforms Maximize Optionality for Sustained Delivery of BICs/FICs State-of-the-Art Serial Innovation Combined Synergy Small Targeted Fusion Molecule Degrader mAb Protein bs/msAb AXC Peptide Oligo RDC Onco CV&M I&R Neuro Marketed / NDA Phase III Phase II
Slide 9: AXC Platforms – Illustration of Our Platform Innovation (1/2)
1 AXC Platforms – Illustration of Our Platform Innovation (1/2) Part 1: Upgrading the ADC Platform Combined Synergy Self-Iteration State-of-the-Art 3rd Gen - Dual-payload 2nd Gen - Novel Payload 1st Gen - Single-target ADC ADC + bsAb Engineering Beyond TOPO1i HART-IgG DXh ADC Platform + ~100% Divers
Slide 10: AXC Platforms – Illustration of Our Platform Innovation (2/2)
1 AXC Platforms – Illustration of Our Platform Innovation (2/2) Part 2: Next-gen Payloads Beyond Toxins – DAC, APC and AOC Degrader siRNA Peptide Degrader-Antibody Conjugate Antibody-Oligonucleotide Conjugate Antibody-Peptide Conjugate FIC low toxicity IKZF1/3 DAC Proprietary TfR antibodies for the
Slide 11: A Robust and Competitive Pipeline that Addresses Unmet Needs
2 A Robust and Competitive Pipeline that Addresses Unmet Needs 100+ NMEs and 400+ Active Trials across Four Major Therapeutic Areas Oncology Cardiovascular / Metabolic Immunological / Respiratory Neuro Others Small Molecule mAbC ADC Metabolic Cardiovascular Immunological Respiratory Apatinib VEGFR H
Slide 12: Oncology | A One-Stop Shop for Breast Cancer Patients
2 Oncology | A One-Stop Shop for Breast Cancer Patients A Comprehensive Breast Cancer Portfolio with Serial Innovation to Improve Patient Outcomes Global Leader in Breadth & Depth of Portfolio1,2 Dalpiciclib (CDK4/6i) + Endocrine Therapy # of NMEs # of Indications （Clinical stage & above） (Approved
Slide 13: Oncology | A One-Stop Shop for Breast Cancer Patients
2 Oncology | A One-Stop Shop for Breast Cancer Patients A Comprehensive Breast Cancer Portfolio with Serial Innovation to Improve Patient Outcomes Global Leader in Breadth & Depth of Portfolio1,2 Serial Innovation for Next-gen Solutions # of NMEs # of Indications Example 1: Multi-approach to overcom
Slide 14: Oncology | RAS Portfolio – Another Example of One-Stop Shop & Serial Innovation
2 Oncology | RAS Portfolio – Another Example of One-Stop Shop & Serial Innovation Targeting Various Cancer Types, including Lung, CRC and PDAC HRS-4642 (KRAS G12Di) Comprehensive & Evolving RAS Portfolio First-to-Market + Best-in-Class Potential 1st Gen: HRS-4642 (ON/OFF) (inj.) Ph III KRAS 2nd Gen:
Slide 15: Oncology | Comprehensive Toolbox to Unleash the Power of Combo
2 Oncology | Comprehensive Toolbox to Unleash the Power of Combo Limitless Exploration for Combo Therapies Selective Examples BTD by China CDE I/O + I/O：SHR-8068 (CTLA-4) + Adebrelimab (PD-L1) + Beva ADC + I/O (Single/Multi-I/Os) Dual I/O + beva shows superior efficacy • Trastuzumab rezetecan (HER2
Slide 16: Metabolic Diseases | Ready to Win in the $100Bn+ Obesity Market
2 Metabolic Diseases | Ready to Win in the $100Bn+ Obesity Market Full Spectrum of Incretin Categories HRS9531 GLP-1/GIP (SubQ) – China NDA submitted Ex-China rights out- licensed to Kailera GLP-1: HRS-7535 (SM, Oral, Ph III） GLP-1/GIP: HRS9531 Most effective dual-G with proven CV&M benefits (Peptid
Slide 17: CV Diseases | Address ASCVD & HF with Assets of BIC Potential
2 CV Diseases | Address ASCVD & HF with Assets of BIC Potential Primarily Focus on 2 Disease Areas Lp(a) Oral Inhibitor (HRS-5346) Global #2, BIC potential ASCVD-related ✓ Effectively lowers Lp(a) – a clear risk factor for ASCVD, impacting ~1.4Bn population globally2 P9 mAb w/ longest PCSK9 mAb, Rec
Slide 18: Immunology & Respiratory Diseases | A Broad Portfolio with Critical Impact
2 Immunology & Respiratory Diseases | A Broad Portfolio with Critical Impact Focused Portfolio for COPD Type 1 Type 2 Inflammation Inflammation Alopecia Pulmonary Diseases 1 DPP1 • World’s 1st DPP1 explored Areata (e.g., Asthma, COPD, IPF) in COPD • World’s 1st ultra-long-acting 2 TSLP (SHR-1905) &
Slide 19: Neuroscience | Next-gen Solutions to Address Long-standing Unmet Needs
2 Neuroscience | Next-gen Solutions to Address Long-standing Unmet Needs Disease Area Analgesia & Neurodegenerative Stroke Focus: Anesthesia Diseases Neurodegenerative Diseases: Pain Management: Nav 1.8 Inhibitor Brain-Shuttle Platforms (TfR-based) First-gen 1 Brain-shuttle anti-Aβ bsAb • Oral, for
Slide 20: Powered by Our Competitive Advantages in R&D Efficiency
3 Powered by Our Competitive Advantages in R&D Efficiency Streamlined Drug Development Process with Hengrui’s Quality and Speed Efficiency (Speed) Initiation GLP Tox IND Ph1 Ph2 Ph3 NDA Dose escalation 1-2.5 years ~6 mos1 <1 month2 ~1.5 mos Product Examples Scale & Quality LP(a) (HRS5346): 6 mos,120
Slide 21: Hong Kong IPO – A Significant Milestone for Globalization
Hong Kong IPO – A Significant Milestone for Globalization Largest Healthcare Offering to List on the HKEx in the Past 5 Years Record-breaking Performance World-class Investors Accelerated Globalization ~US$1.5Bn raised1 Global Positioning & Premier Cornerstone Investors Brand Influence Largest healt
Slide 22: BD – Maximizing Global Value of Assets and Generating Sustainable Revenue
BD – Maximizing Global Value of Assets and Generating Sustainable Revenue Strong Deal Flow Sustainable BD Business US$1.3Bn accumulated cash & equity received since 2023 No. 1 in China No. 1 in China Cash & equity received in that year Featured partners In 2025 $US Mn 860+ 12 2025 27Bn+ 2024 USD 202
Slide 23: BD – Strategic Choice of Flexible Partnership Models
BD – Strategic Choice of Flexible Partnership Models Key Considerations in Evaluating BD Opportunities Nature of Financial Partner Downstream the asset(s) implications alignment value Out-licensing (Leading MNC/Biotechs) NewCo (Top-tier PE/VCs) Strategic Alliance (MNCs) | Lp(a) inhibitor | DLL3 ADC
Slide 24: In-house Operations – A Scalable Path for Global Growth
In-house Operations – A Scalable Path for Global Growth A Disciplined Approach to Gradually Build Global Presence over Time Accelerated Expansion (Mid-term) Key Accomplishments in 2025 • Focus on prioritized disease areas for • From early-stage to commercial-ready ex-China pipeline ✓ 5 assets kick-s
Slide 25: 2026 – Standing at an Inflection Point
2026 – Standing at an Inflection Point R&D Delivery Commercial Execution Global Footprint • 10+ innovative drug or • >25% Y-O-Y revenue • More global partnerships indication approvals growth from innovative with flexible models drugs • Initiate global trials for • 20+ NDA/BLA submissions • 10 new du
Slide 26: Looking to the future…
Looking to the future… To become a leading global pharma, delivering innovative medicines for patients worldwide, with improved quality, speed and affordability 26
Slide 27: Appendix
(DD HENGRUI ~\ Appendix
Slide 28: Diversified Innovative Pipeline across Targeted Therapeutic Areas
Diversified Innovative Pipeline across Targeted Therapeutic Areas Diversified modalities across 4 major TAs In-depth potential FIC/BIC programs High-quality early-stage pipelines to fuel future growth Oncology Metabolic / Cardiovascular Immunological / Respiratory Neuro Others Small Molecule mAbC AD
Slide 29: “Hengrui Speed” – On Track to Bring Innovative Medicines to Market
“Hengrui Speed” – On Track to Bring Innovative Medicines to Market Product / Indication Launch Expected in 2026-2027 2026 2027 New Product Launch Indication Expansion New Product Launch Indication Expansion Retlirafusp Herombopag Adebrelimab HRS-8080 SHR-A2009 SHR-A1811 Pyrotinib PD-L1/TGF-βRII TPO-
Slide 30: Catalyst-rich 2026 and Early 2027
Catalyst-rich 2026 and Early 2027 Select Late-stage Data Readouts for NMEs Select Potential Approvals for NMEs HRS9531 Asset Differentiated Profile Market Opportunity T2D, Phase III GLP-1/GIP (injectable) HRS9531 Overweight / obesity, Phase II GLP-1/GIP (oral) • FIC in 1st-line GC HRS-7535 T2D, Phas
Slide 31: Unmet Medical Needs, Innovation, Globalization
Unmet Medical Needs Innovation Globalization Notes: